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Scott

1 year ago

Hi Max, The whole lending market is changing quite rapidly at the moment due to findings in the Royal Commission and other regulatory oversight. Overall, credit is becoming a little harder to access, but as always, it's dependant on each individual clients situation and their goals. To answer your other two questions: 1. Is refinancing still possible (and widespread) now in today's market? - Absolutely. The point of refinancing will generally be to save money by securing a better deal or to access equity you've built over the last 5 years to build wealth or reach other financial goals like purchasing another property or renovating etc. 2. What do I need to look out for to not "miss the boat" or try to do it in the wrong time? - Things to be aware of when refinancing are when conditions have changed since you obtained finance. E.g. if property prices decline, it could cause you to incur Lenders Mortgage Insurance costs, if your income has declined or expenses have increased, taken out new debts etc, this could make it more difficult to meet your repayments. Also, the conduct of your loans and account can impact your ability to borrow as well. So, there is a whole range of potential impacts, but it's best to talk to an experienced broker to assist you and your individual needs. Please feel free to contact me through my profile to discuss your situation further to see if now is the right time for you.

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shantilal

1 year ago

Hi Max. There are few things to consider before you jump into it. (1) comparison rate-don't fall for interest rate or cash rebate if the end comparison rate is higher than the interest rate. (2) Application fees and ongoing fees (3) cash out available? what if you need cash out for some reason like buying another property or holidays or renovation-will lender easily cash out? (4) exit fees (5) extra features such as offset account-ATM-Redraw-extra payment-split loan etc. Please contact us through our profile, happy to discuss any questions or finding you the best deal with your preferences.

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Milan

1 year ago

Max thanks for getting onto the broker market, this is the place to be if you wanted to discuss your options. To answer your questions, 1. Refinancing is what keeps us in the job market. 2. The only people that might have missed the boat are those who haven't purchased and may only want to purchase in bigger cities like Sydney, Melbourne or generally expensive properties in general. Now, please feel free to get on board the mortgage broker and ask more questions, or alternate your options, I know I'm happy to help here just depends on your situation. Any time you want to chat, or inquire further about your situation, feel free to jump onto my profile and inquire within. Cheers, Milan

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Lou

1 year ago

Hey Max, I must say, I love an open ended question such as yours. Refinancing is a great way to save money but finding the best SOLUTION for your "end game" should bear a significance to your choice of lenders and products. You may have many choices relevant to your affordability but please ensure you are aware of your exit and entry fees, as well as flexibility to ensure your wealth growth with property is possible. - ie good strategy with good products and rates should be key !!... BTW I have dealt with Dean during his previous roles and can certainly agree that his experience would be a great chat. Partner yourself with any one of us (brokers) with the knowledge and experience to enjoy standing at your side with your portfolio growth .

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Chris

1 year ago

Hi Max Despite the Royal Commission, some lenders have been heavily discounting recently. It may be that you are eligible for a lower rate on your home loan. Refinancing should be part of your overall finance strategy : options include debt reduction, cash flow, equity release, debt consolidation, further investment etc. However, as the lending climate changes due to reaction to the Royal Commission, qualifying for these options may become tighter. A reputable broker near to you will be able to assist. Chris

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Iva

1 year ago

Hi Max. Happy to have a look at your financial position and see if I can organise an awesome refinance deal for you. A lot of lenders have cash back deals as well but these are for a limited time only. Get in touch today via my profile to get started! Iva Rasic. BorrowRight

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Lisa

1 year ago

Hi Max, I think the royal commission has also contributed to putting home owners and investors on edge and leading people to believe they may have 'missed the boat' in the property/refinance market. This is certainly not the case, lending criteria may have tightened however if you have a stable job/income and your overall financial status is healthy there is absolutely no reason why you can't refinance. Rates are always changing and reviewing your interest rate regularly is highly recommended as mentioned above. More than happy to review your situation, simply contact me via my profile page. Kind Regards, Lisa

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kelvin

1 year ago

Hi Max - Im not sure how much you owe - but refinancing is one way to save money - along with investing in property with the right strategy and the property type. I am a specialist in both and can assist. eg. $80k and $50k family income for an investment property worth $529,750 returning $680 week (min) requires $70k equity and borrowing remaining 90% - will, without affecting your lifestyle, add $144 per week to pay off your loan sooner = $7,500 year. Love to chat about the Cash Flow investment strategy.

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Paul

1 year ago

Hi Max, It is recommended that you review your home loan every few years (say 3-4) to ensure that the rate you have is still competitive. There's no real "miss the boat" moment with refinancing and people do it all the time but I believe it will become increasingly difficult for people to secure funding moving forward sue to the tightening of lending criteria, something that we have already been experiencing. Feel free to touch base via my profile if you wish to discuss further.

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Dean

1 year ago

Hi Max. The refinance market is certainly well and truly alive, and interest rates can be very competitive from some of the lenders out there. There are different segments and types of loans from which some lenders have retreated due to regulatory pressures, but overall there are still a lot of options out there. I actually used to be Head of Home Loans at Bankwest and Head of Home Loan Sales for CommBank until last year, so if you wanted to have a chat about the market and what's going on, I have a lot of experience as I used to meet with the regulators like APRA etc. If you're looking for a home loan or to switch, just contact me through my profile and I'd love to help you.

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